Devon Energy cuts 15 percent of staff in Canada

Reuters Staff

2 Min Read

CALGARY, Alberta (Reuters) - Oil producer Devon Energy Corp (DVN.N) has cut around 200 jobs, or 15 percent, of its staff in Canada following a significant reduction in capital spending, a company spokeswoman said on Wednesday.

There are approximately 1050 Devon employees remaining in Canada, spokeswoman Nadine Barber said, adding the layoffs were completed on Wednesday.

A prolonged slump in global crude prices has triggered tens of thousands of job losses in the Canadian oil and gas industry as companies try to rein in spending.

The Devon layoffs come after the completed expansion of the Oklahoma-based company's Jackfish oil sands project in northern Alberta, which has ramped up to around 75,000 barrels per day.

In total, Devon produces 98,000 bpd in Canada.

"In the past two years, Devon has seen a significant reduction in capital spending in Canada as major projects, like Jackfish, have been completed. We expect capital to remain at lower-than-historic levels for the foreseeable future," Barber said.

Earlier on Wednesday Calgary-based MEG Energy said it had cut around 30 percent of its workforce over the past year in a bid to cope with slumping crude prices.